The bankruptcy of two American manufacturers rocked the automotive world in 2009. Chrysler filed for bankruptcy in April, with General Motors following in June of that year. Both manufacturers emerged quickly from bankruptcy, with help from the Federal government. Chrysler (CHR) merged with Fiat (Fabbrica Italiana Automobili Torino) SpA and General Motors cancelled or spun-off several brands, including Pontiac, Hummer, Saturn, and Saab. The economic downturn that began in 2008 continued into 2009, with consumers continuing to forgo purchases of new light, medium, and heavy vehicles. This caused even further declines in vehicle sales, despite a Federal government effort that created a surge of light vehicle purchases in the summer of 2009. Energy consumed by the transportation sector decreased for the second year in a row as vehicle miles of travel fell just below the 2008 level. Despite the contraction in the industry in 2008 and 2009, the automotive industry is predicted to grow as the U.S. economy slowly expands in 2010. As manufacturers increase production, the movement of commodities will grow as well as demand for passenger mobility. Energy Information Administration projections show increases in the number of vehicles, number of passenger-miles traveled and amount of goods shipped.
Vehicle Technologies Market Report, 2010
2011
62 pages
Report
No indication
English
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